MANILA, Philippines — Senate President Francis Escudero is confident that a new law which allows foreign investors to lease private land for up to 99 years woll make the country look more like an ideal investment destination.
"Foreign investors have long complained about the prohibitive provisions of our laws regarding the ownership of land by non-Filipinos. Businesses will never place their funds in destinations where there is uncertainty in laws and regulations. This law will go a long way in addressing these concerns," Escudero, an author of the law, said in a statement on Saturday.
He thanked President Ferdinand Marcos Jr. for supporting the measure.
Escudero says new lease law to make PH more appealing to investors, This news data comes from:http://www.gyglfs.com
The president on Saturday signed Republic Act 12252.
This new law amends the Investors' Lease Act by extending the lease period limit of 75 years.
- Israel expects 1 million Gazans to flee new offensive
- Oil firms to hike pump prices Tuesday
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- Philippine forces deliver supplies and personnel to disputed South China Sea shoal despite tensions
- Classes suspended in 10 Metro Manila cities due to rains
- Co out of country for medical reasons
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
- Red Cross head says mass evacuation of Gaza City 'impossible'
- Thailand's former Prime Minister Thaksin makes surprise departure ahead of a risky court ruling
- Govt monitoring Chinese ‘sleeper agents’ in PH
